know how your financial need is determined, including how cost of attendance budgets are developed.

know what resources are considered in the calculation of your financial need and how much of your need, as determined by the University, has been met.

an explanation of the types of aid contained in your financial aid award package.

request a review of your financial aid package, if you believe a mistake has been made or if your enrollment or financial circumstances have changed.

know what portion of your aid package is grant or scholarship aid and what portion must be repaid. If the aid is a loan, you have the right to know terms and conditions, interest rates, total amount to be repaid, procedures for repayment, when repayment begins, how long you have to repay the loan, sample loan repayment schedules, the necessity for repaying loans, and any cancellation/deferment provisions that apply.

know the exit counseling information Truman provides and collects.

know the terms and conditions of any student employment offered as part of your financial aid package.

know the method and frequency of financial aid disbursements.

know the disbursement of books and supplies policy.

know the University’s refund policy.

reasonable access to your financial aid record.

know the criteria for continued financial aid eligibility, including guidelines for the determination of Satisfactory Academic Progress (SAP) and the criteria by which those who have failed to maintain SAP may re-establish aid eligibility.

appeal your financial aid and scholarship status.

know what special facilities and services are available to the handicapped.

know campus security policies and crime statistics.

As a student you have the responsibility to:

review and consider all information about a school’s program before you enroll.

complete the FAFSA and all University applications thoroughly and accurately and submit them to the appropriate office(s) by required deadlines. Falsification of information on application forms for federal financial assistance is considered a criminal offense, and you may be subject to penalties under the U.S. Criminal Code.

read and understand all forms that you are asked to submit or sign, realizing that you are legally responsible for all agreements that you sign, and keep copies of them for your records.

be aware of your ability to pay any institutional charges based on your available financial aid and personal resources.

review and understand the terms and conditions of your financial aid awards.
inform us if you intend to enroll less than full-time for any given term so that your aid can be properly adjusted and disbursed.

know and comply with your school’s refund procedures.
use any federal, state, University, or private financial aid received solely for expenses related to attendance at Truman State University or an approved study abroad program.

perform in a satisfactory manner the work that is agreed upon in accepting a Federal Work-Study or Scholarship Service job.

know and comply with all policies and procedures of Truman State University.
maintain up-to-date address and telephone information with the Registrar’s Office.
meet satisfactory academic progress requirements.

The student and his/her parents have the primary responsibility to finance the student’s college education. However, if the student and/or parents need additional assistance to meet educational costs, financial aid exists to meet this need. Financial aid process step-by-step instructions for beginning freshmen, upperclassmen, and graduate students can be found at http://www.truman.edu/wp-content/uploads/2014/01/Applying-for-Financial-Aid.pdf.

Truman scholarships are awarded on the basis of merit by the Admissions Office. The application for admission is the only application needed to be considered for most merit scholarships. Any questions regarding Truman scholarships may be directed to the Office of Admission. More information can be found at http://www.truman.edu/admission-cost/cost-aid/scholarships/.

Financial Assistance, both need-based and non-need-based, is available from Federal, State, Local, Private, and Institutional Programs in four basic categories for students attending college: grants, loans, work, and scholarships.

Federal Programs

Truman State University participates in the following Federal student aid programs:

Federal Pell Grant

Federal Supplemental Educational Opportunity Grant (FSEOG)

Federal TEACH Grant

Federal Work Study Program

Federal Perkins Loan

Federal Stafford Loan Subsidized and Unsubsidized

Federal PLUS Loan

Federal Nursing Loan

Eligibility for the federal student aid programs is determined by the Free Application for Federal Student Aid (FAFSA). More information about the FAFSA and further details about the federal student aid programs can be found on the U. S. Department of Education’s web site http://studentaid.ed.gov.

Students must also meet basic requirements to be eligible for federal aid programs. The student must demonstrate financial need (for most programs). The student must be a citizen or eligible non-citizen enrolled as a regular student in an eligible degree or certificate program. A student must also have a valid Social Security Number and must comply with Selective Service Registration if male. The student must not be in default on a previous federal student loan and must not owe money on a federal grant (which is possible in withdrawal or overpayment cases). Students must continue to meet academic progress standards set by the school. The policy at Truman is located at here.

State Programs

State need-based student aid programs also use results from the FAFSA to determine eligibility for state funds. State aid deadlines are published on the FAFSA. The actual state aid programs offered vary by state. Information, including eligibility requirements, about Missouri programs such as the Access Missouri Grant may be obtained from the Missouri Department of Higher Education at dhe.mo.gov. Non-resident students should check with their state’s higher education agency for information on their state’s programs: http://wdcrobcolp01.ed.gov/Programs/EROD/org_list.cfm?category_ID=SHE.

Local Programs

Check with the following places in your community for information on local scholarships:

High school guidance office

Community foundations

Local businesses

Local chapters of national organizations

City government

Local newspapers

Private Programs

Private Scholarships
Private scholarship funds and any supporting documentation should come to the Financial Aid Office for processing and scheduled disbursement. Truman will apply scholarship awards of $1,000 or greater equally to Fall and Spring semester charges unless otherwise indicated by accompanying scholarship criteria. Some scholarships are restricted (meaning the donor has designated a specific use such as tuition only). Others are more flexible such as for educational expenses which can include room and board, books and supplies, and miscellaneous so an excess is allowed to be refunded.Truman academic scholarships are primarily for tuition but can also be applied to on-campus room and board charges. If a restricted scholarship comes in we will make every effort to make use of it (ex: if a private scholarship comes in that is restricted to tuition then Truman scholarships will be shifted, to the extent possible, to other approved charges). Truman scholarships are not refundable for off-campus expenses so any excess goes back into the TSU scholarship fund.

Truman Foundation Scholarships
Friends and alumni of Truman State University have contributed money to be used for scholarships. The Advancement/Alumni Office oversees the endowed scholarship program and can answer questions about the process and individual scholarships. For incoming freshmen the foundation scholarships are awarded by Admissions. Scholarships are awarded in the spring to be used for the next academic year. Currently enrolled students receive notice of the application process via e-mail. As college costs continue to rise Truman appreciates the private support for our students. Additional information regarding Truman Foundation Scholarships is available online at https://secure.truman.edu/isupport-s/scholarships.asp. The eligibility criteria vary from scholarship to scholarship and are provided with the application.

Foundation Loans
Four types of loans are available through the Truman Development Fund Corporation: short-term loans, long-term loans, computer loans, and cultural loans.

General Eligibility
Loans will be available to students who are currently enrolled at Truman State University on a full-time basis, have completed at least twelve credit hours of coursework at the University, have a good credit rating at the University, demonstrate the necessary ability to repay the loan on a timely basis, and agree to treat such loans as debts to the University and accept the same sanctions and penalties as imposed for delinquent student accounts.

Short-term Loans
Short-term loans in amounts of up to $1,000 are available to students who meet the general eligibility requirements and have cumulative grade point averages of at least 2.20 in courses taken at the University.

Long-term Loans
A limited number of long-term loans in amounts up to $3,000 per year ($9,000 total) are available to sophomores, juniors, and seniors who meet the general eligibility requirements. Students must have cumulative grade point averages of 3.0 or higher for credit hours earned at the University and have fully explored and utilized all federal student aid programs and other available sources of funds.

Computer Loans
Student computer purchase loans are available for a maximum of $2,000 toward the purchase of computer, printer, and related software. Applicants must meet the general eligibility requirements. Priority will be given to students who plan to attend Truman for two years after receiving the loan. Students must submit receipts for the full amount borrowed documenting the purchase of approved equipment within 21 days of disbursement of the loan. If receipts are less than the loan amount, the excess must be repaid immediately.

Cultural Loans
A limited number of cultural loans may be authorized to encourage participation in “study abroad” programs. The maximum loan is the cost of the trip but not more than $5,000 total. Cultural loans are available to students who meet the general eligibility requirements and, in addition, who meet at least one of the following standards: earned at least a 2.5 cumulative grade point average in courses taken at the University; or earned at least a 2.5 grade point average in foreign language courses taken at the University; or enrolled in a foreign language class at the University for which a “study abroad” experience is either required or strongly recommended. The application and terms and conditions for the Cultural Loan are available online at http://www.truman.edu/admission-cost/cost-aid/office-of-financial-aid/forms/.

Financial aid is disbursed by releasing two payments over the academic year (one each semester). At the time of disbursement the student must still meet eligibility requirements (academic progress, expected enrollment, financial eligibility, etc.). The bill sent in advance of the semester reflects estimated aid, but funds cannot be applied to the student’s account sooner than 10 days before the first day of classes. Funds are applied to University fees and housing charges first. The student will be notified when funds are credited to the account. If student aid funds are in excess of account charges a credit balance occurs that will be paid to the student (or parent if it was the parent’s loan) within 14 days. If the student or parent wishes to cancel a loan within 14 days of notification that the loan was applied to the account then he/she may do so by notifying the school. Students may arrange with the Business Office to have excess funds from their student account automatically transferred by EFT to their bank accounts.

Access Missouri and Bright Flight payments will not be available, due to the state of Missouri’s processing timeline, until after classes start (typically 2-3 weeks). If one or both of these awards is showing on your statement as estimated aid then the Business Office knows you are expecting state funds and you are not responsible for paying this amount.

If you are expecting a refund to help pay for books and have no other temporary means of covering this expense, the Truman State University Foundation has Short-Term Loan funding available. The Short-Term Loan Request Form can be found online or in the Financial Aid Office, McClain Hall 103.

Enrollment in a program of study abroad approved for credit by Truman may be considered enrollment in Truman for purposes of applying for federal student financial aid. Additional information is available online here.

In compliance with consumer information disclosures mandated under the Higher Education Opportunity Act, current students are to be notified about the penalties associated with drug-related offenses. Please be aware that eligibility for federal grants, loans, and work assistance may be lost as a result of these offenses. See the Federal Student Aid website at http://studentaid.ed.gov/eligibility/criminal-convictions#is-it-true for more information.

The Department of Education is required to make available to schools descriptions of the Federal Student Aid programs to assist students in gaining information through school sources, and to assist schools in carrying out the Federal Student Aid program requirements. The Department of Education provides comprehensive information to students and their families through the Student Aid on the Web site: http://studentaid.ed.gov. The website includes information on the following Federal student aid topics:

Applying for Federal student aid

Filing the FAFSA

Criteria for student eligibility, continued eligibility, and regaining eligibility

All first time Direct Loan borrowers must complete a Master Promissory Note (MPN) on www.studentloans.gov. The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated and what deferment and cancellation provisions are available to you. It also provides you with a sample loan repayment schedule and information on the necessity for repaying loans.

All students taking out Direct Subsidized Loans or Direct Unsubsidized Loans who have not previously received a subsidized or unsubsidized loan under the Direct Loan Program or a subsidized or unsubsidized Stafford Loan under the Federal Family Education Loan (FFEL) Program are required to complete entrance counseling at www.studentloans.gov.

Graduate students taking out Direct PLUS Loans who have not previously received a PLUS loan under the Direct Loan Program or the FFEL Program are required to complete entrance counseling on www.studentloans.gov—even if they previously completed it for a subsidized or unsubsidized loan.

Students who have taken out subsidized or unsubsidized loans or Graduate PLUS Loans must complete exit counseling on www.studentloans.gov just before they withdraw, graduate, or drop below half-time enrollment (even if they plan to transfer to another school). Graduating students and those who drop below half-time enrollment are notified of this by email. Students who withdraw are notified by letters mailed to their permanent address.

The Federal Perkins Loan Program Extension Act of 2015 allows schools to make Perkins Loans to undergraduate students through September 30, 2017. (If an eligible undergraduate student borrower receives a disbursement of a Perkins Loan after June 30, 2017, and before October 1, 2017 for the 2017-2018 award year the student may receive any subsequent disbursements of that Perkins Loan.) The Perkins Loan Program is set to expire after this time; however, programs are always subject to new legislation.

Federal Loan Interest Rates

Loans first disbursed on or after 7/1/15 and before 7/1/16

Federal Loan Program

Current Interest Rate

Perkins Loan

5.00% fixed

Direct Stafford Loan

4.29% fixed Undergraduate
5.84% fixed Graduate

Direct PLUS Loan

6.84% fixed

Perkins Loans have a fixed interest rate of 5% regardless of the first disbursement date.

Direct Loan interest rates are calculated each year based on the 10-year Treasury Bill rate plus 2.05% and is capped at 8.25%. Direct Loans made during that year keep that interest rate for the life of the loan (unless it is consolidated with other loans).

Repayment and Forgiveness Benefits

Repayment and forgiveness benefits available to Direct Loan borrowers are not available to Perkins Loan borrowers. The repayment period for a Perkins Loan is 10 years. Direct Loans provide several repayment options including plans that base your payment on your income. These repayment options are not available under the Perkins Loan Program.

Forgiveness benefits provided under the Direct Loan Program are not available under the Perkins Loan Program. However, the Perkins Loan Program does have its own cancellation provisions.

Consolidation Option for Perkins Loan

You may consolidate your Perkins Loan with your other Federal student loans. The benefit to this is a single monthly payment instead of multiple payments to multiple servicers.

By consolidating, you may also have access to additional repayment plans. The income-driven repayment plans, which are not available under the Perkins Loan Program, may make your student loan debt more manageable by possibly reducing your monthly payment amount. However, by extending the repayment period, you will likely be paying more interest over time.

Federal loan interest rates are listed above. Borrowers should be aware of the maximum annual borrowing limit for the Direct Subsidized and Unsubsidized Stafford Loans in addition to the aggregate limits. This information can be found at

Truman State University has awarded your maximum annual Direct Subsidized and/or Unsubsidized Loan limit before offering any Perkins Loan. Any undergraduate student who was awarded a Direct Subsidized Loan and/or a Direct Unsubsidized Loan can decline one or both of the loans (or request a lesser amount). However, the Direct Loan eligibility amounts must be included in the calculation of the Perkins Loan amount for undergraduate students, regardless of whether you actually borrow that full amount.

All Perkins Loan borrowers are required to complete a Master Promissory Note and Entrance Counseling prior to receiving Perkins Loan funds. Students will receive information via email from the Perkins Loan Officer in the Student Accounts Office regarding the information needed to complete the forms. This process will be conducted electronically on the student’s TruView account. The forms will cover the terms and conditions of the loan, provide a sample loan repayment schedule, and describe the necessity for repaying the loan.

All Perkins Loan borrowers are required to complete an exit interview prior to discontinuing enrollment through graduation or for any other reason. This process will be conducted by the Student Accounts Office, 105 McClain Hall. Your repayment schedule will be established during the exit interview.

Federal Direct Stafford Loan records will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system. Borrowers have access to view their Title IV, HEA loan records at www.nslds.ed.gov.

The 1998 Amendments of Higher Education changed eligibility requirements for loan cancellation effective October 7, 1998. Loan cancellations previously eligible only for loans awarded after July 1992 are now available to all Perkins borrowers. You may be eligible if you are working full time in the following fields: nursing, medical technician fields, teachers of mathematics, science, foreign language, bilingual education and special education, and as a law enforcement officer (enforcing criminal law).

Some restrictions may apply. Check your promissory note or contact the Student Accounts Office for eligibility information and appropriate forms.

Cancellation is also available for the following situations:

Teaching or other related services of an educational nature in:

a federally designated low income school

special education including teachers of infants, toddlers, children or youth with disabilities

a federal Head Start Program or staff member in a pre-kindergarten or child care program licensed or regulated by the state

a shortage field as determined by the state education agency

Military Service: full-time active duty in an area designated for hazardous duty pay

Peace Corps or ACTION Program volunteer (applies only to new Perkins Loan borrowers after July 23, 1992)

Early Intervention – a provider of early intervention services in a public or nonprofit program under public supervision.

Child/Family Service – a provider or supervisor in a child or family service agency providing services to high-risk children from low-income communities

Law enforcement or correction officer

Nurse or medical technician

Attorneys employed full-time in a Defender Organization

Firefighters – employed full-time

Tribal College or University faculty

Librarian – full-time with a master’s degree in library science, employed by a Title I School or services a Title I School

Speech-Language Pathologist – full-time with a master’s degree working exclusively with Title I Schools.

If you are working in a position which you believe will qualify for cancellation benefits, a form requesting postponement/deferment of repayment must be filed at the start of the school or service year. Cancellation forms must be submitted at the completion of the school or service year. Failing to file forms in a timely manner is equivalent to failing to make timely repayment and can result in late fee assessment and can also negatively affect your personal credit rating.